Worry at Stuyvesant Town as Foreclosure Draws Near
Some of the 25,000 residents have raised concerns that the turmoil over the process could cause services and maintenance to deteriorate.
Some of the 25,000 residents have raised concerns that the turmoil over the process could cause services and maintenance to deteriorate.
Some families with deep roots in Manhattan kept their heads a few years ago when the market overheated.
The partners Tishman Speyer and BlackRock have left tenants in limbo and investors with far bigger losses.
Residents of the vast housing complex wonder if it will be properly maintained, and whether they will get another chance to own it.
The decision comes four years after the $5.4 billion purchase of Stuyvesant Town and Peter Cooper Village.
Tishman Speyer Properties and BlackRock Realty, which bought Stuyvesant Town and Peter Cooper Village in 2005, will miss a $16 million loan payment.
The action follows a ruling that Stuyvesant Town and Peter Cooper Village had improperly deregulated and raised rents at 4,400 apartments.
Tenants in a long-running case are encouraged by a court ruling that said the owners of Stuyvesant Town and Peter Cooper Village had improperly raised rents while receiving tax benefits.
Hours after the New York Court of Appeals ruled the owners had improperly raised rents, some landlords canceled deals, and tenants worried about their rents.
The partnership behind Stuyvesant Town and Peter Cooper Village is at risk of default on $4.4 billion in loans, analysts say.